Acting OPIC President and CEO David Bohigian Leads Delegation to Meet with Key Allies
March 8, 2019
WASHINGTON – David Bohigian, Acting President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, just concluded travel to Europe to coordinate with the development finance institutions (DFIs) of several key allies. The trip marks Mr. Bohigian’s first official travel as Acting President and CEO of OPIC.
Mr. Bohigian, along with other top OPIC leadership, met with senior officials representing DFIs of the United Kingdom (CDC Group), France (PROPARCO), the Netherlands (FMO), and Germany (DEG), to exchange best practices for enhancing development impact and transactional cooperation during a critical transformation period for U.S. development finance. The delegation also met with the board of EDFI, which includes CEOs of other leading European DFIs, to highlight plans for the transformation.
Signed by President Trump in October 2018, the BUILD Act will transform OPIC into a 21st-century development finance institution with modernized tools and capabilities, including limited equity authority, feasibility and technical studies, a focus on low and lower-middle income countries, and a more than doubled portfolio cap to $60 billion. The BUILD Act also places an emphasis on closer cooperation with like-minded international partners.
“The new Development Finance Corporation gives the United States the opportunity to pioneer a modernized approach to development and deliver unprecedented impact. By working collaboratively with our allies, we can harness that opportunity and improve more lives,” said Acting OPIC President and CEO David Bohigian. “Listening to and learning from our peer DFIs, which represent many of the world’s leading financial institutions and impact drivers, will be critical to our success as OPIC transforms into a 21st-century development finance institution.”
The trip also provided an opportunity for the U.S. to strengthen its relationships with important allies and explore opportunities for future collaboration. In addition to enhancing its development impact, the BUILD Act will position the U.S. to cooperate more effectively with its European allies to advance shared commitments to global development.
The meetings build on several recent efforts to enhance coordination and cooperation between OPIC and its global counterparts in order to scale impact and more effectively address development needs. Last year, OPIC signed Memorandums of Understanding with Japan and Australia enhancing coordination to tackle the world’s biggest development challenges.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.